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Before you file 2011 taxes, make sure you’re familiar with all the credits that could save you money.
Basically, the Earned Income Credit is a tax credit designed to put money in the pockets of moderate to low income individuals. It can reduce the amount of tax you owe and even give you a refund.
One of the ways you could potentially save money on your taxes is through the Earned Income Credit (EIC).
You may be eligible to take the 2011 Earned Income Credit if
- You earn less than $43,998 ($49,078 if married) and have 3 or more children
- You earn less than $40,964 ($46,044 if married) and have 2 children
- You earn less than $36,052 ($41,132 if married) and have 1 child
- You earn less than $13,660 ($18,740 if married) and have no children Continue reading “The 2011 Earned Income Tax Credit: What is it?”
The IRS gives us a sneak peak of new federal income tax brackets for the year 2012
Fall is an exciting time of year for the tax obsessed because we get our first glimpse at the 2012 tax brackets! That’s right – it’s not even time to file our 2011 taxes and already we get a sneak peak of what lies beyond.
Last year the unveiling of the federal income tax brackets was a bit more exciting because of the raging Congressional battle over the extension of the Bush tax cuts. As late as December, it was still unclear what the brackets and rates would look like for 2011.
This year, on the other hand, it’s been pretty standard, even if the expiration of the cuts in 2012 promises some tax fireworks next year. Continue reading “2012 Tax Brackets”
2011 personal exemptions can help you get unclaimed IRS money
With the 2012 tax season less than two months away now is the time to brush up on your tax knowledge. One of the most fundamental things you should know about when filing your return is how to claim income tax exemptions.
An income tax exemption allows you to deduct a certain amount of money from your Adjusted Gross Income, thus reducing the total amount of money on which you must pay taxes. Let’s put it this way: income tax exemptions save you money.
And, as it turns out, the federal government holds on to millions of dollars in unclaimed deductions every year. So it’s important to claim every deduction that applies to you in order to keep all of the money you’re entitled to. Continue reading “Income Tax Exemptions”
